FCA Figures Show PPI Claims Begin to Taper

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FCA Figures Show PPI Claims Begin to Taper

The payment protection insurance crisis has raged on for years. Experts found that the claims finally appear to be on the verge of declining. The Financial Conduct Authority said that PPI claims should fall in 2014, but is still expected to remain elevated for the next few years.

Claims Decline Near End of 2013

Consumers filed nearly 1.4 million PPI claims between July and December of 2013. The FCA said that this was still a very high figure, but pointed out that they had dropped over 20% from the previous six months.

The new report shows that there are clear signs that PPI claims are starting to decline. Some experts believe that they are going to fall further in the coming years. However, many of their colleagues are hesitant to be overly optimistic. They said that many people still don’t realize that they have been mis-sold PPI claims.

However, most people throughout the country have already heard about the PPI crisis. It is estimated that most people will file a claim within the next few years.

FCA Still Has a Lot of Work to Do

The FCA said that the overall trend is encouraging. However, they warned that the organization still has a lot of work to do. Many banks are still engaging in irresponsible sales practices that need to be addressed.

John Griffith-Jones, the head of the FCA, said that the organization is drafting new regulations that will be imposed on the banks in the near future. It is working closely with them to make sure that they understand the new policies and what they need to do to comply with them.

Many of the High Street banks have been having difficulty complying with the FCA policies. Many of them have experienced increasing claims as a result. However, some banks have faced worse problems than others. According to the FCA, Barclays has been one of the worst offenders.

Ashok Vaswani, Barclay’s CEO, said that the bank is creating new internal controls to address the PPI claims problem. He said that the bank has made substantial progress and believes that will be reflected in the future FSA data.

COVID-19 ANNOUNCEMENT

MARCH 23RD 2020

At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to info@oraclelegal.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.